Return to India WhatsApp Group Chat Historical Summary

Here is a date based summary of Return to India WhatsApp group chat over the weeks. Feel free to search for topic of your interest. Hope it helps!

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Fri, 06 Sep 2024

Handling Bank KYC Requirement without SSN

The members discussed how to complete the bank’s KYC requirement without sharing their Social Security Number (SSN). One member mentioned that they were unsure about how to handle this situation.

Bank’s Lack of Knowledge on Spouse’s Non-Residency

• The members talked about a situation where one member’s spouse went outside the USA and became a non-resident but the bank (Marcus) was not aware of this change because the account had a USA address on file.
• It was mentioned that the w8 Ben form was not sent, which could have indicated the change in residency status.
• This lack of knowledge on the bank’s part caused confusion and complications during the tax filing process.

Tax Treaties and Non-Resident Tax Return

• The members discussed that they had paid estimated taxes based on the tax treaty, which allowed for a 15% tax rate on the interest income earned.
• They mentioned filing an extension but were having difficulty finding a CPA who could help them properly file a non-resident tax return.
• The conclusion or recommendation sought by the members was for any recommendations for a CPA who could assist them with their specific tax situation.

Recommendations for CPA

• The members sought recommendations for a CPA who could help them file a non-resident tax return correctly.
• The members were looking for suggestions from the community on finding a reliable CPA.

Sun, 08 Sep 2024

Trading platforms, Taxes, and Relocation

The conversation in the BackToIndia community covered various topics including trading platforms, taxes, and relocation to India.

Members discussed their preferences for platforms like Charles Schwab and Fidelity, the process of managing taxes, and the benefits of holding an RNOR status.

They also shared insights on work opportunities in data analytics and sought advice on customs regulations for moving belongings to India.

Trading Platforms

• Members compared Charles Schwab and Fidelity for managing trading from India.
• No conclusive preference was shared, but it was suggested to explore the features and customer support of both platforms.
• A member inquired about accessing and trading stocks in Robinhood after moving to India.

Taxes and RNOR Status

• Members discussed the process of resetting cost basis while being on NR/RNOR status.
• It was mentioned that changing the tax status requires submitting a W-8ben form to the brokerages.
• The benefits of RNOR status and the potential tax implications on US stock capital gains were explored.

Work Opportunities

• A member expressed interest in finding a work-from-home job in data analytics in India.
• The member shared their experience and sought information about potential job openings.

Customs Regulations

• A member inquired about customs procedures while carrying belongings, including electronics.
• Others advised on the possibility of customs inspections, particularly when traveling alone.
• Advice was given to create a list of carried items to prepare for customs.

Additional Topics

• Members briefly mentioned credit history transfers, work timings for data engineers in Hyderabad, and concerns about taking loans with current interest rates.

Mon, 09 Sep 2024

Shipping and Travel Recommendations in India

The conversation in the BackToIndia community revolved around topics related to shipping and travel recommendations in India. Members discussed the depreciation of old products for customs duty, the safety of carrying electronics during travel, and the affordability of consumer electronics in India.

They also shared their experiences with purchasing tech products in India and compared prices with the US.

Additionally, they sought recommendations for local travel agencies and inquired about the process of relocating a pet dog from the US to India.

Depreciation of Old Products

• Members discussed the depreciation schedule used by Indian customs for calculating customs duty on old products.
• They questioned whether original purchase receipts are required to determine the age of a product during shipping.
• Some members mentioned that really old items (>10 years) would be fully depreciated, resulting in no remaining value and no duty.

Carrying Electronics while Traveling

• Members debated whether the rules of depreciation and customs duty apply only to shipping or also when carrying electronics while traveling.
• Some members shared their experiences of carrying multiple laptops, iPhones, and other gadgets without facing any questions.
• The general consensus was that consumer electronics and white goods are affordable in India, and it might not be worth the hassle and cost of transporting them.

Affordability of Consumer Electronics in India

• Members discussed the affordability of consumer electronics and white goods in India, stating that prices have become more reasonable in recent times.
• They shared specific examples of price variations, such as an Anker Soundcore Bluetooth boom box being significantly more expensive in India compared to the US.
• Some members mentioned stores like Vijay Sales, Bajaj, Reliance, and Sonovision that offer good discounts on home appliances in India.

Tech Deals and Warranty

• Members discussed the availability of authentic and popular deal sites in India for finding good tech deals.
• They highlighted the price difference and better offers available in the US, especially for products like Bose audio devices.
• Members also noted that international warranties are offered on many electronics, and the value of such products tends to depreciate quickly.

Travel Agency Recommendations

• Some members sought recommendations for local travel agencies in India.
• They wanted insights and suggestions for planning travel within the country.

Tue, 10 Sep 2024

Aadhar card for US citizens moving to India

The group discussed the process of obtaining an Aadhar card for US citizens moving to India.

They shared information about the requirement to be in India for 180 days before getting an Aadhar card, the difficulties in finding the right Aadhar center, and alternative options for identification.

Some members mentioned the possibility of using OCI for job purposes but highlighted the challenges of opening a bank account without Aadhar. They also shared experiences of taking valuables like gold and silver to India without issues.

Obtaining Aadhar card for US citizens

• Members discussed the requirement of being in India for 180 days before getting an Aadhar card.
• Some members shared their difficulties in finding the right Aadhar center to apply for the card.
• There was no conclusion or preference shared on an alternate form of ID for US citizens until they can get an Aadhar card.

Challenges of using OCI

• The group discussed the challenges of opening a bank account without an Aadhar card for US citizens with OCI status.

Transporting gold and silver to India

• Members shared their experiences of splitting and distributing gold and silver in their regular and cabin suitcases to avoid customs issues.
• Some members mentioned being prepared with bills for customs, although nothing was checked.

Tax planning as an NRI

• There was a brief mention of tax planning as an NRI when investing assets in equity or money markets, but no further details or conclusions were shared.

Wed, 11 Sep 2024

Purchasing options for international calls and discussions on shipping charges and household goods

Members discussed options for making international calls, including porting ATT sim to Google Voice or considering other options such as Ultra Mobile.

Some members questioned the need to pay for services like Tello or Ultra Mobile when Google Voice is available for free.

They wanted to know if there was anything they were missing or if there were any specific advantages of other options.

Shipping charges for truck delivery from USA

• A member raised the question if anyone had to pay halting fees while getting a truck delivered from the USA.
  They mentioned that Unirelo was used and no charges for transportation within India were paid, as the booking was done through Universal Relocation.

Buying household items in the US

• Members discussed whether it is worth buying household items like sofas and other furniture in the US.
  One member shared their experience of recently moving and suggested not getting any big items from the US, as it can be a hassle.
  They recommended getting good furniture at great rates from places like Furlenco in Mumbai.
  Another member mentioned that it depends on personal preferences, emotional attachment, and lifestyle. |
  They shared their satisfaction with bringing back some unique and emotionally valuable items to India.
• The conclusion was that unless there is an emotional attachment to certain items or a specific need, it is best to start fresh in India. Some members mentioned the availability and higher price points of furniture and electronics in India.

Moving household goods with air7seas

• A member asked if anyone had used air7seas to move household goods. No one had checked yet.
• No further discussion or conclusions were made regarding air7seas or similar shipping services.

Thu, 12 Sep 2024

Health insurance, Credit card, Special needs schools

Members discussed topics related to health insurance, credit cards, and special needs schools.

They shared recommendations and preferences, discussing different insurance options, add-ons, coverage limits, and waiting periods.

They also shared information about salary accounts and top-ups. Additionally, they asked for recommendations for financial advisors, CPAs familiar with immigration and tax situations, and discussed shipping TVs and travel to India with US passports.

Health insurance

• Members discussed the importance of having health insurance and recommended getting it prior to moving to India.
  They mentioned a waiting period of 2-3 years for most insurances.
  Some members shared their experiences with insurance providers like ICICI and HDFC, and emphasized the need to communicate with customer service. They also advised looking for room rent limits and no claim bonuses.
  One member chose Care insurance because of their add-ons and lower premium.
• One member expressed doubts about private insurance entities in India and preferred using New India, a semi-government entity.
• There was a discussion about the coverage provided by employers in India, with one member questioning if it was sufficient.

Credit card

• Members asked for recommendations on good credit cards in India.
  One member suggested the Yuva Bharat – Gold plan, mentioning a 10% discount for online sign-ups.
• The conversation also touched upon the importance of price and coverage comparison among different credit card providers.

Special needs schools

• A member asked for recommendations for the best special needs schools. They requested interested members to DM them directly for further discussion.

Fri, 13 Sep 2024

Shipping Delay, 401k Rollover, Visa Waiting, Job Transfer

The chat conversation in BackToIndia group discussed various topics including shipping delays for containers, 401k rollovers, visa waiting times, and job transfers from the US to India.

Shipping Delay

• Members shared their experiences of significant delays in shipping containers from Seattle to India.
• One member mentioned that the packers and movers took their stuff in mid-July, but they just received an updated ETA as the end of November.
• Members advised planning accordingly and being aware of the delays in shipping.

401k Rollover

• Members discussed the process of rolling over their 401k assets to an IRA after losing US resident status.
• One member mentioned difficulties in opening an IRA with Vanguard, Schwab, and Fidelity for investing in mutual funds.
• Another member discussed the possibility of rolling over 401k assets to a Roth IRA to avoid a 10% penalty and withdraw the amount in the future.

Visa Waiting

• A member inquired about references for agents who can arrange an early appointment for a visitor visa to the US for their colleague attending a kid’s graduation.

Job Transfer

• A member sought advice from others who had moved from the US to India regarding continuing to work on the same project/responsibilities under India payroll.
• The conversation revolved around potential issues or advantages of maintaining the same responsibilities.
• No conclusive guidance or preferences were shared by the members.

HSA Money Transfer:

• One member asked about transferring HSA funds from an employer-provided vendor to Fidelity while still employed. Other members replied that it is allowed after leaving the employer, but uncertain while still employed. One member successfully transferred assets via Fidelity after leaving their old employer.

Using HSA for Retirement:

• One member suggested using HSA as a retirement vehicle. Other members recommended investing in funds like VOO or VTI and withdrawing the funds later in retirement.

Using US Credit Cards in India:

• One member mentioned using US credit cards, like the Costco Citi Bank card, in India. Other members added that these cards work well for non-USD transactions, with some recommending the Bank of America travel credit card for better conversion rates and rewards.

401k Rollovers and IRA Post-Resident Status:

• One member asked about the challenges of rolling over a 401k to an IRA after losing US resident status. Other members advised rolling over 401k funds before losing resident status to avoid restrictions, as some platforms limit investment options for non-residents.

Interactive Brokers for Non-US Residents:

• One member asked why Interactive Brokers (IBKR) is a popular choice. Other members responded that IBKR supports non-US addresses and Indian phone numbers, making it more accessible for those relocating to India.

Maintaining 401k or Rolling Over to IRA:

• One member inquired about the advantages of rolling over a 401k to an IRA. Other members explained that some companies charge fees for maintaining 401k accounts after leaving employment, making an IRA a better long-term option for continued access and avoiding fees.

US-Purchased Vacuum Cleaner Working in India:

• One member asked if a US-purchased vacuum cleaner (Roborock Q Revo) would work in India. Other members added that it should work as long as the voltage is compatible.

Shipping Experience from Florida to Pune:

• One member shared their experience of shipping 10 boxes from Florida to Pune using SFL Worldwide. Other members noted that they did not have to send a passport for customs clearance, which can sometimes be required. The shipping process took 3-3.5 months and included household items but no electronics.

Sat, 14 Sep 2024

Shipping, 401k, and Investment Management

Members discussed topics related to shipping household items from the US to India, considerations for brokerage link accounts, conversion of 401k to IRA, and suggestions for voltage converters for TVs.

They also shared experiences with shipping companies, customs clearance, and tax implications of selling 401k. Additionally, they discussed managing investments with Wealthfront and transferring vested equity from brokerage accounts.

Shipping Household Items

• Members shared their experiences with shipping household items from the US to India and recommended shipping companies like UniRelo. They discussed the process of customs clearance and the importance of providing an itemized list for reference.
• One member mentioned their specific experience at the customs check and how the contents of their boxes were randomly checked based on the provided list.
• Another member shared their experience of having their boxes scanned during customs check and mentioned that a generic list for box contents can still pass the customs requirement.

Considerations for 401k and IRA

• Members discussed special considerations for brokerage link accounts and whether the conversion of 401k to IRA is only allowed when leaving the company or the US. They referred to the substantial presence test as a determining factor for tax residency.
• They also discussed the timing of updating the address on the 401k account and filling out the W8-BEN form. Additionally, they inquired about the common choice of Rollover IRA in fidelity to rollover funds from employer accounts.
• Additionally, members discussed the tax implications of selling 401k and sought first-hand experiences from others who have gone through the process. They mentioned working with a CPA and expressed interest in hearing about lower tax payments on effectively connected income.

Suggestions for Voltage Converters

• Members sought suggestions for 220 to 110 Volts converters for TV that support high wattage.
  One member suggested determining the TV’s consumption in wattage and buying a suitable converter.
• The conversation included a discussion on the suitability of transferring funds from bank accounts to the fidelity account brokerage account, specifically for buying funds by selling.
• They also shared information about the criteria for being considered a resident for tax purposes based on the number of days spent in the current year and previous years.

Wealthfront for Investment Management

• Members shared their positive experience using Wealthfront for investment management and considered it better than other brokerage firms.
• They expressed curiosity about others who have used Wealthfront after moving to India and asked for any potential issues or concerns to be aware of.
• One member encouraged everyone to relax and listen to music.

Transferring Vested Equity

• Members working in FAANG companies discussed whether they kept their vested equity in their brokerage accounts or had to move it. There was a suggestion to check if Indian banks can open US brokerage accounts to transfer from existing accounts.
• They also inquired about the implications of keeping equity in the Morgan Stanley account and mentioned the convenience of banking with one bank for all financial needs.

Sun, 15 Sep 2024

Indian Community Financial Planning and Investment Preferences

The chat conversation in the BackToIndia community primarily focused on financial planning and investment preferences among Indian community members. Topics discussed included retirement planning, stocks in India, SWP (Systematic Withdrawal Plan), RR (Registered Retirement) account, and carrying appliances from the US to India.

Retirement planning and investment preferences

• Members discussed the preference of keeping the 401K till 60/65 in the US, while mentioning the high returns on stocks in India.
• The idea of doing SWP in India by selling stocks in the US and investing in hybrid/balanced funds was brought up.
• There was a mention of the tax implications, such as federal taxes with no standard deduction and the need to pull out the entire stash in case of winning a lottery.
• Some members emphasized the potential of making 25%+ returns in India on the first year, offsetting the taxes paid.
• It was acknowledged that each member has their own financial calculations and preferences, with some considering pulling out their investments around 45-50 instead of waiting till 60.

Financial planner recommendations and tax implications

• Members sought recommendations for financial planners, specifically CFP types based in India, for portfolio growth advice.
• There was a mention of the US-India tax treaty, stating that taxpayers are exempt from double taxation and don’t need to pay taxes in India if they have already paid taxes in the US.
• The relevance of RNOR (Resident but Not Ordinarily Resident) status in relation to tax implications was questioned.
• Members discussed the feasibility of carrying appliances (such as TVs and monitors) from the US to India, and which ones are better to carry versus buying in India.
• The compatibility of Dyson Hair Wrap and Straightener with Indian voltage was questioned, and whether they require a voltage converter.

Carrying appliances from the US to India

• A discussion took place regarding the types of appliances that are not easily available in India and therefore better to carry from the US.
• Members shared their experiences and opinions on whether it is more cost-effective to carry certain appliances or simply buy them in India.
• The voltage requirements of appliances, such as the Dyson Hair Wrap and Straightener, were considered when making decisions about carrying versus buying.

Retirement age and life expectancy

• The average life expectancy of an Indian, which is 67, was highlighted as an important factor to consider in retirement planning.
• The potential scenario of letting the kids buy the RR (Registered Retirement) account with the member’s money was brought up.
• There was no conclusive discussion or agreement on the ideal retirement age, suggesting that individual preferences vary.

Mon, 16 Sep 2024

OCI Quota, SUV Options, Hybrid Cars

The conversation covered various topics including OCI quota for professional courses, SUV options under 25 lakhs, and hybrid cars. Members discussed their experiences, preferences, and shared insights on these subjects.

OCI Quota for Professional Courses

• Members discussed the eligibility criteria for OCI students in professional courses.
• They mentioned that the rule stated that OCI students born after March 4, 2021, are only applicable for the NRI quota.
• One member shared information from a couple who filed cases in high court and supreme court, resulting in a judgment stating March 4, 2021, as the last day for GM quota.

SUV Options under 25 Lakhs

• Members shared their criteria for selecting an SUV, including safety, drive, value for money, mileage, resale value, and features.
• Specific SUV models mentioned include Tata Harrier, XUV 700, MG Astor, and Kia Seltos.
• They discussed their experiences, preferences, and mentioned the need for comfort and suitability for Indian driving conditions.

Hybrid Cars

• Members discussed hybrid cars and their features.
• They mentioned Toyota Innova Hycross and MS Invicto as examples of strong hybrid options.
• They also shared insights on vehicle size, fuel efficiency, and experiences with different car models.

Tue, 17 Sep 2024

Discussion on Hybrids, Delay in OCI, and Settling in India

Members of the BackToIndia community discussed a variety of topics including the popularity of hybrids, the delay in OCI applications, and their experiences of settling in India.

They also shared their thoughts on home ownership, celebrating festivals, and the challenges and benefits of moving from the US to India.

Popularity of Hybrids

• The Innova HyCross has been successful and has a waiting period of over 6 months, indicating its popularity.
• Scorpio N and Thar have long wait times due to production volumes, whereas KIA and Maruti have higher demand.
• The success of hybrids is measured by waiting times, which reflect positive word-of-mouth and customer satisfaction.

Delay in OCI Applications

• One member mentioned waiting since June for their OCI application.
• They speculated that the waiting time for OCI applications may be prolonged.
• No specific conclusions or preferences were shared regarding the delay in OCI.

Settling in India

• Members shared their personal experiences of settling in India after living abroad.
• One member mentioned struggling with health issues initially, but now feels settled and comfortable.
• Home ownership, celebrations with family, and a comfortable lifestyle were cited as benefits of living in India.

Life in India for Upper Middle Class

• Upper middle-class members stated that life in India is comfortable and affordable.
• They mentioned advantages such as access to amenities, domestic help, and cultural celebrations.
• Challenges like traffic and crowded public spaces were acknowledged but seen as acceptable trade-offs.

Reassurance and Encouragement

• Members appreciated and found encouragement in the stories and experiences shared.
• They mentioned feeling positive about their decision to move to India.

Wed, 18 Sep 2024

GoogleFi, House Help, Indian Stocks, Transport Insurance, Finding Job

Members discussed topics related to GoogleFi, house help, investing in Indian stocks, transport insurance, and finding a job in India.

GoogleFi

• Members discussed using GoogleFi in India and its convenience for calls and SMSes.
• One member mentioned regularly receiving SMS OTPs and calls on the number.
• The cost of using GoogleFi in India and checking the terms of service were also brought up.

House Help

• Members shared their feelings of guilt about having house help for chores they used to do themselves while abroad.
• Different perspectives were mentioned regarding the luxuries of life in India and the economy.
• The discussion concluded with one member feeling that they might be overthinking the situation.

Investing in Indian Stocks

• A member sought feedback on investing in Indian stocks while staying in the US.
• The discussion expanded to include tax implications and FBAR filing requirements.
• The goal was to gather information for others who were already investing in Indian stocks before moving back.

Transport Insurance

• Members sought advice on whether it made sense to take transport insurance while moving back to India.
• Mixed reviews of insurance were discussed, particularly regarding the claim process.
• One member shared their experience of shipping boxes through a relocation company and the boxes being opened at customs.

Finding Job

• Members discussed the experience of finding a job in India after quitting their job before relocation.
• The ease of getting interviews and SWE interviews were topics of interest.
• The usage of LinkedIn in India for job connections was also mentioned.

Thu, 19 Sep 2024

TV Voltage Converters, Credit Cards, Stock Market

The conversation in the BackToIndia community mainly revolved around three topics: TV voltage converters, credit cards, and investing in the Indian stock market.

TV Voltage Converters

• Members discussed whether voltage converters are necessary when using TVs bought from the US in India.
• Some members recommended buying Sony TVs as they don’t require converters. Samsung TVs, on the other hand, usually need step-down converters.
• It was mentioned that TV standards in India are PAL, not NTSC, so users may need to switch settings.

Credit Cards

• Members shared their experiences and preferences regarding credit cards in India.
• Some mentioned obtaining SBI RuPay cards with a 20k limit and no CIBIL score requirement.
• Others discussed applying for credit cards against fixed deposits or using Indian income.
• There was also a mention of disappointment with rewards programs on top-tier cards.

Investing in Indian Stock Market

• A member, who is a US citizen, asked for guidance on investing in the Indian stock market.
• Other members suggested opening accounts with ICICI or using local banks for trading.
• It was mentioned that websites like Zerodha may not be accessible for non-resident individuals (NRIs).

Fri, 20 Sep 2024

Investing, Taxes, Shipping Mattresses to India

Members of the group discussed investing in India, taxes on investments, and the shipping of mattresses to India.

Investing in MFs and NIFTY ETF

• Members discussed investing in Mutual Funds (MFs) and whether investing in NIFTY ETF also attracts taxes on notional gains.
• It was mentioned that investing in MFs in India attracts taxes on notional gains, while holding individual stocks does not.
• The topic of taxes on Foreign-domiciled ETFs being considered Passive Foreign Investment Companies (PFICs) under Fatca taxation was raised.

Shipping Mattresses to India

• Members discussed the possibility of shipping mattresses to India using heavy-duty mattress bags available on Amazon.
• Concerns were raised regarding the potential for damage during transportation and whether it is worth the cost.
• One member shared their experience of successfully shipping a standard mattress through ship cargo, while another recommended checking the manufacturer’s suggestions for storage and transport.

Comparison of Indian and US Mattresses

• Members discussed the difference in quality and cost between mattresses in India and the US.
• It was mentioned that Indian mattresses are generally more expensive and may not offer the same level of comfort as those in the US.
• A member suggested shipping the mattress from the US if comfort is a priority, but others advised considering the wait period until the item arrives and the potential need to manage without a mattress in the meantime.

Advice on Shipping Mattresses

• A member advised discarding the bed frame and mattress from the US and purchasing a bed frame and coir mattress in India for better health benefits.
• They mentioned that fitting an Indian mattress onto a US bed frame may not be suitable and recommended buying locally.
• Another member commented on the design of spring mattresses in the US and the use of sleep medications, suggesting that local mattresses may be more suitable.

Logging into Social Security Website from India

• A member sought guidance on logging into the Social Security website from India after recent changes.
• They inquired about using login.gov or ID.me for authentication and which phone service to use.
• It was mentioned that Google Voice or any VOIP services cannot be used, but it is unclear whether an India number can be used.

Sat, 21 Sep 2024

Discussion on Hiring at Illumina, Mattress Preferences, Indian MFs for OCI holders, and Taxes for NRIs

The chat conversation in BackToIndia community included discussions on various topics such as hiring at Illumina, preferences for mattresses, investing in Indian mutual funds for OCI holders, and taxes for NRIs.

Hiring at Illumina

• Members discussed the hiring opportunities at Illumina in Bangalore and suggested applying through LinkedIn Jobs or the company website.
• One member who has been with Illumina for more than 10 years recommended it as a great company to work for.

Mattress Preferences

• Members shared their mattress preferences and experiences. One member mentioned buying a latex mattress from wakefit but had backache and switched to a coir mattress from curl on, which they found more comfortable.
• Another member recommended Duroflex firm mattresses, especially for individuals with back issues.

Investing in Indian MFs for OCI holders

• A member asked for recommendations on a good platform to invest in Indian mutual funds for OCI holders.
• No specific conclusion or recommendation was shared by other members in the conversation.

Taxes for NRIs

• Members discussed various tax-related aspects for NRIs investing in Indian stocks directly via NRE/NRO accounts or DeMATs.
• Some specific questions were asked regarding precautions for taxes, dividends, realized gains, unrealized gains, and filing FBAR.
• No specific conclusion or recommendation was shared by other members in the conversation.

Sun, 22 Sep 2024

NRI Investment in Mutual Funds

Members discussed NRI investment in mutual funds and potential options

NRI eligibility for Indian mutual funds

• Discussed rules limiting NRI’s purchase options to just mutual funds in Indian apps
• Questioned whether the rule was set by the Indian or US government
• Mentioned article listing a few Fund Houses that allow NRI investment in mutual funds

Investing in US mutual funds for non-US residents

• Asked if there are US brokerage firms allowing non-US residents to purchase US mutual funds
• Suggested contacting Schwab International for more information
• Recommended discussing with Schwab IRA as each institution has its own quirks

Transferring cash from US to India

• Inquired about the best way to transfer cash from the US to India
• Desired to use cash from US investments for rent, car, school fees, and daily expenses in India
• No specific recommendations or conclusions shared

Vendor supporting PFIC while filing ITR

• Questioned if anyone has a vendor who supports PFIC while filing ITR in the US
• No specific recommendations or conclusions shared

FATCA reporting by India based financial institutions

• Asked how to find out if an India based financial institution filed a FATCA Report with US IRS
• Wanted to ensure FATCA reporting is done before filing FBAR
• No specific recommendations or conclusions shared

Mon, 23 Sep 2024

Banking and Personal Finance Discussions

The chat conversation in the BackToIndia community revolved around banking services, money transfers, personal finance apps, and opening bank accounts.

ICICI Money2India and HDFC Bank

• Members discussed their experiences with ICICI Money2India for NRI bank account transfers.
• One member mentioned having a regular account with HDFC and inquired about its suitability for transfers.
• No conclusion was reached about the superiority between ICICI and HDFC for fund transfers.

Best Accounts for Wire Transfers

• Members shared their preference for using Chase and Citi bank accounts for wire transfers.
• No specific conclusion or suggestions were shared regarding the best accounts for wire transfers.

Personal Finance Apps in India

• Members discussed the need for personal finance apps similar to Empower in the US.
• No specific recommendations or preferences for personal finance apps were shared.

Local Tour Operators in Rajasthan

• A member requested information about local tour operators in Rajasthan for a family trip to Jaipur and Udaipur.
• No specific tour operator recommendations were provided in the conversation.

Opening Bank Accounts with Traveling Mailbox Addresses

• A member shared their experience of facing difficulties in opening a Chase account due to using a Traveling Mailbox address.
• Suggestions were given to use a relative’s or friend’s address with their consent.
• There was no further discussion about alternative banks that would allow opening an account with a Traveling Mailbox address.

Wed, 25 Sep 2024

Gold Customs Charges and Step-down Transformers

Gold Customs Charges

• Members discussed the custom charges on carrying gold and suggested avoiding big banks like HDFC.
• Axis and Kotak Mahindra were recommended as alternatives.
• No specific conclusion or preferences were shared by members.

Step-down Transformers

• A member inquired about suggestions for a 220V to 110V step-down transformer with a capacity of around 2000W.
• Another member mentioned using a 3000W transformer for coffee machines and kitchen appliances, and 1500W transformers for television sets and speakers.
• No specific conclusion or preferences were shared by members.

401k Withdrawal Penalty

• A member brought up the topic of 401k withdrawals and mentioned an option to avoid the 10% withdrawal penalty by initiating SEPP (Substantially Equal Periodic Payments).
• Another member highlighted the disadvantages of SEPP, mentioning that it’s a long-term commitment and if rolled back, it incurs a 10% penalty on previous withdrawals.
• Members discussed the potential exemption from the penalty for individuals who left the country and are not US citizens. They suggested checking with Canadian friends for more information.

US CPA Recommendations

• A member shared a recommendation for a company called Walkthrough, specifically mentioning Jaydeep Sanghani as a knowledgeable US CPA based in Surat.
• The member asked if anyone had experience with Walkthrough or if there were other recommendations for US CPAs specialized in India-US cross-border tax matters.
• No specific conclusion or additional recommendations were shared by members.

Thu, 26 Sep 2024

Insurance, 401k Withdrawal, OCI Rules, Appointment Slots

Members discussed various topics including insurance policies, taxation on 401k withdrawals, changes in OCI rules, and booking appointment slots for visa applications.

Insurance policies

• Members talked about the low claim payout rate of term insurance policies due to policy lapses.
• They suggested finding cheaper policies from B+/A rated providers and requesting quotes from different providers.

401k withdrawal taxation

• A member asked for help or referral to a CA who can provide information on reducing taxes and penalties during 401k withdrawals.
• Others expressed interest in knowing about any new rules and how it affects OCI holders.

OCI rules

• Members discussed news regarding changes in OCI rules, but identified it as old news from 2021.
• They shared links to verify the news on the Ministry of Home Affairs website, stating that the reclassification of OCIs as foreigners is false information.
• Members expressed surprise that such rules were not already in place for OCIs.

Booking appointment slots

• Members shared tips and experiences on booking appointment slots for B1/B2 visas.
• One member mentioned using an agent who successfully secured slots for them and their friends.
• The cost of such services was discussed, ranging from ₹10,000 to ₹80,000, with varying levels of trustworthiness.

Fri, 27 Sep 2024

Stock transfer, Instant Pot, Packing Furniture

The members discussed stock transfer from Interactive Broker USA to India, taking Instant Pot from US to India, and packing furniture and household goods for ocean shipment.

Stock Transfer from USA to India

• Members discussed the possibility of transferring stocks from Interactive Broker USA to India without selling them.
• No conclusion or preferences were shared by any member.
• No specific examples or links were discussed.

Taking Instant Pot from US to India

• One member mentioned that the same brand of Instant Pot with 220v input is available in India.
• Another member requested for recommendations of Instapot models available in India.
• No conclusion on the models or preferences was shared by any member.

Packing Furniture/Household Goods for Ocean Shipment

• Members discussed using Air7seas for ocean shipment and doing the packing on their own.
• One member asked for recommendations on packing furniture in the Bay Area.
• Some members shared their experiences with packing items and mentioned using kits from places like u-haul for fragile items or TVs.

Sun, 29 Sep 2024

Discussion on B2 Visa and Payscale in Bangalore

Members discussed about B2 visa application process and reliable payscale data for Bangalore area.

B2 Visa Application

• Members discussed the process of filing a B2 visa for a niece who wants to visit for holidays. It was suggested that she can file the application herself under ‘visiting a relative’ purpose of travel, along with providing proof of her status.
• There were no issues mentioned regarding her intention to stay in the US and her own business in India.

Reliable Payscale Data in Bangalore

• A member asked about the reliability of levels.fyi data for payscale in Bangalore. They wanted to know about others’ experiences.
• There was no specific conclusion or preference shared by members regarding the reliability of the data.

Mon, 30 Sep 2024

Job Search and Tips for Moving Back

Members of the group discussed job search strategies and tips for moving back to India. They shared experiences with referrals, direct applications, and the challenges in finding Product Management roles. Bangalore was noted to have more options than Hyderabad for Product roles. A member offered to forward a highly technical PM role in Seattle, but relocation would take time. It was mentioned that most companies have shifted to hybrid or on-site work, with remote jobs decreasing.

Job Search Strategies

• Members discussed the effectiveness of reaching out to LinkedIn contacts for referrals but expressed that it has been slow with no calls received yet.
• One member shared their experience of trying friend referrals and direct applications on Naukri, but only managed to secure one interview that did not progress further.
• The preference for engineering roles over product management roles was noted.

Product Management Opportunities

• It was mentioned that product management roles are relatively new in India and are more commonly found in India-based companies that require local expertise.
• International experience may not be a top priority for these companies.
• Bangalore was highlighted as having more options for product management roles compared to Hyderabad.

Referral for PM Role in Seattle

• A member shared that they know of a highly technical PM role in Seattle but mentioned that relocation would take time, around 2026.
• Interested individuals were invited to DM the member for more details.

Shift to Hybrid and On-site Work

• It was mentioned that most companies have transitioned to hybrid or on-site work arrangements.
• Remote job opportunities are decreasing, with Amazon being noted as a catalyst for this trend.